140-year-old mall retail giant only has 5 locations left
Daniel Kline
7 min read
Imagine a world where Walmart only has five stores left.
It's unthinkable because the company has dominated retail for so long, and it survived the pivot from pure brick-and-mortar operations to an omnichannel retailer.
Even if it sells explosive diarrhea lettuce, replaces its greeters with unsupervised raccoons, or puts the people behind Fyre Festival in charge of grocery pickup, the chain would suffer, but survive.
Sears, arguably the chain that served as the Walmart of its day, did not make any single mistake quite as epic as any of the silly ones listed above. Instead, the chain, which was bigger than Walmart by sales until 1990, according to Business Insider, made thousands of little mistakes.
The once-dominant retailer, founded in 1886, even survived the pivot from its catalog business to a store-based model.
Since 1990, however, the chain has slowly dwindled, selling off assets such as its Craftsman, DieHard, and Lands End brands and using the proceeds for ill-fated ideas that did not reverse the slide.
Now, while Sears has not shut down, the chain has five locations left and appears to have abandoned any realistic hopes of a comeback.
At the time, Global Data Managing Director Neil Saunders released a strong statement on the company.
"Today is a day that will live in retail infamy. That a storied retailer, once at the pinnacle of the industry, should collapse in such a shabby state of disarray is both terrible and scandalous in equal measure. However, it is not surprising because this is a destination that Sears has been headed towards for many years, with virtually no serious attempt having ever been made to change the trajectory," he wrote.
Saunders called on the company to make big changes and made it clear that its current strategies were not working.
"Over the longer term it is still unclear what Sears hopes to accomplish. We believe there is no clear path to success. The group has tried to shrink its way to profitability for years to no avail, so it is hard to see why pursuing the same strategy under the auspice of Chapter 11 would result in a different outcome," he added.
He also foretold what would happen down the road with many of the company's owned-and-operated brands, which had not yet been sold.
"Further asset sales may reduce debt, but they would not put the company on a sound financial footing nor would they solve the operating losses the group is racking up," he shared.
Many analysts trace the true beginning of the chain's downfall not to its Chapter 11 filing, but to its post-bankruptcy purchase by hedge fund operator Eddie Lampert in 2004.
Lampert merged the company with KMart in 2005, which Saunders also saw as a problem.
"The solution to Sears' problems was to buy another retailer not doing well, and that was Kmart. Then they got a bigger bad business," Saunders told CNBC. "Sears wasn't investing or changing, and they started to suffer because of that."
And while other retailers were investing, Sears was cutting back.
A report from Susquehanna Financial Group had said Sears in 2017 was spending roughly 91 cents per square foot to make upgrades both online and in stores, while J.C. Penney spent $4.13, Kohl's was paying $8.12, and Best Buy was forking out $15.36 per square foot to make enhancements, CNBC reported.
"I think if it was any other retailer they probably would've already filed for bankruptcy," Retail Metrics founder Ken Perkins told CNBC in 2018. "But in Sears' case, someone with deep pockets is able to influx cash, extract real estate and sell off assets … the cupboard is running very bare and there isn't a lot left."
At its peak, Sears operated more than 2,700 locations.
Sears was sold off for parts
Sears did raise cash selling off its well-known brands.
Craftsman went to Stanley Black & Decker, which now sells it at Home Depot and other chains. DieHard was sold to Advance Auto Parts, and Lands' End was spun off and still runs independently.
Some analysts have argued that Lampert's only goal was to sell off Sears' massive real estate holdings. Lampert also used those holdings to protect his investment in the company should it fail.
"If they go bankrupt, he remains in control of the company because, though he loses his equity stake, he's their principal creditor," former Sears Canada CEO and Columbia Business School Professor Mark Cohen told CNBC.
But Lampert has cordoned "off an enormous amount of assets through the loans he's made, which have essentially protected him from what is eventually (going to) occur," added Cohen.
Sears' owner sold off hundreds of the chain's properties to Seritage Growth Properties, a company he controls.
The problem is that "then you end up signing leases" and saddling the company with lease liabilities, Neil Stern, senior partner at retail consulting firm McMillanDoolittle, told CNBC.
Sears only has five locations left. Shutterstock
Lampert was sued over Sears' sales
Sears creditors sued Lampert and other investors, a case which was ultimately settled.
The settlement could resolved years-long litigation filed against Lampert and other defendants over allegations of asset stripping and "rank" self-dealing in the years leading to Sears Holdings' 2018 bankruptcy, according to Retail Dive.
The settlement paid plaintiffs $175 million, including $125.6 million from insurers, $41.9 million from the defendants, and $7.5 million from shareholding funds, reported News.Law.
"By the time it filed for bankruptcy, many of Sears Holdings' stores had closed, major assets — including property, beloved products brands and retail banners such as Sears Canada — had been sold or spun off," the legal website shared.
How those sales were conducted were the heart of the lawsuit against Lampert and other defendants.
"Lampert and his hedge fund, ESL Investments, invested in and often took controlling stakes in many of the divested assets, including Sears Canada, Lands' End, and Seritage Growth Properties (which included a large portfolio of Sears Holdings' real estate)," the site reported.
Sears has 5 locations left
Five Sears stores are still operating in the country, but they won't be around much longer, industry experts predict, The New York Times reported.
"Neither will Seritage Growth Properties, the real estate investment trust created to cash in on the value of the retailer's properties. It abandoned its somewhat audacious plan to turn Sears' rich real estate holdings into dazzling mixed-use properties. Today, Seritage is offloading the last of its assets as it pays down a $1.6 billion term loan from Warren E. Buffett's Berkshire Hathaway," the newspaper shared.
That process will end soon, which could mean the formal end of Sears as a retailer.
"The goal is to sell the remaining Seritage assets as quickly and profitably as possible, but we are also very open to an alternative transaction that could enhance shareholder value," Adam Metz, chief executive of Seritage, said in an interview with the paper.
RTM Nexus CEO Dominick Miserandino sees Sears' saga as a sad tale that could have been avoided.
"The Sears story is one of the biggest cautionary tales in retail history. It's almost hard to comprehend how many wrong turns a company had to make to go from being America's most iconic retailer to having only five stores left," he told TheStreet.
It was a demise that required a lot of mistakes, he shared.
"The issue wasn't one bad decision — it was a series of decisions that slowly disconnected Sears from its customers, its employees, and the future of retail. They had the brand, the real estate, the trust, and the history. In the end, it just wasn't Amazon that killed them but a series of unfortunate events and decisions," he wrote.
After 80 stores close, 63-year-old chain gives Chapter 11 warning
Daniel Kline
4 min read
When a retailer sells a product people no longer want or need at the same level they once did, it becomes challenging for that retailer to operate.
Yes, you can cut expenses and close stores, but if customers aren't buying, no amount of frugality will keep the doors open.
That's a challenge facing any chain serving the luxury market, as Americans have cut back on discretionary spending. Luxury shoppers' optimism about the economy continues to decline, driven by global financial uncertainty and market volatility, according to the latest Saks Global Luxury Pulse survey.
"The survey, conducted between April 24 and April 28, found that only 28% of respondents reported feeling optimistic about the economy. That represents a 13 percentage point decline since the prior survey fielded in January, and a decline of 17 percentage points compared to last year," according to the report.
It's bad news for Leslie's Pool Supply. The company closed 80 locations in March, but it hasn't been enough to stem the bleeding. Now, the retailer faces a possible Chapter 11 filing, according to a report from Bloomberg.
"Compared to last year, in the second quarter, we delivered overall revenue growth of 4.3%, a comparable sales increase of 6.6%, improved year-over-year adjusted EBITDA by 26% and registered total customer count growth of 8%," shared CEO Jason McDonell.
Those numbers followed the chain making a number of cuts during the first quarter.
Leslie's announced the closure of approximately 80 underperforming stores as part of a cost-reduction and operational restructuring plan during Q1 fiscal 2026, according to its Q1 earnings release.
The company also closed one distribution center (Illinois) to streamline its supply chain and reduce expenses, which it also included in its Q1 filings.
Leslie's recorded approximately $10.1 million in non-cash impairment charges related to store and asset closures, the company reported.
For Q1 fiscal 2026, Leslie's reported a net loss of about $83 million and sales down roughly 16% year over year, citing weak demand and margin pressure, it shared in SEC filings.
The chain, which has moved more of its sales to a digital model after closing the stores mentioned above, also cut its loss from the first quarter.
"Net loss for the second quarter was $52.5 million compared with a net loss of $51.3 million in the second quarter of the prior year. Adjusted net loss in the second quarter was $50 million compared with an adjusted net loss of $48.3 million in the second quarter of the prior year," according to CFO Jeffrey White.
Pools are a luxury item.Shutterstock
Leslie's Pool Supply faces bankruptcy
Leslie's executives did not mention a potential Chapter 11 filing during the earnings call.
Bloomberg's report, which cites unnamed "people familiar with the matter," said Leslie's is looking at "a range of strategic options" to address its debt load, including restructuring its debt through Chapter 11.
In addition, Bloomberg reported, Leslie's has a $756 million term loan due in 2028 that is being quoted at about 39 cents on the dollar.
While Leslie's is reportedly talking about Chapter 11, Bloomberg's sources stated that the discussions are "ongoing" and that "no final decision has been made."
"Leslie's reportedly brought on Centerview Partners LLC and Simpson Thacher & Bartlett to advise the company through the debt negotiations. A group of creditors hired Houlihan Lokey and Akin Gump Strauss Hauer & Feld," according to Phoenix Business Journal.
Leslie's Pools has faced recent financial challenges with its stock listing.
"The company's stock performance has been under pressure throughout 2025, culminating in its removal from the S&P SmallCap 600 index earlier this year," Pool Magazine, a leading publication covering the pool industry, shared.
This isn't the only sign that investors have lost confidence in the company.
"Being part of the S&P SmallCap 600 gives a company visibility, provides passive fund support, and signals investor confidence. Losing that standing means Leslie's no longer met benchmarks for market cap and liquidity — a clear sign the stock has struggled to maintain momentum," the magazine added.
S&P Global Ratings has downgraded the issuer credit rating of U.S. specialty pool supply retailer Leslie's Poolmart Inc. from "B" to "B-" due to weaker-than-expected business prospects for fiscal 2025, according to Investing.com.
Iconic mall retail anchor brings back a famous product line
Fernanda Tronco
3 min read
After surviving bankruptcy, the loss of its entire brick-and-mortar footprint, and years of ownership changes, one of America's oldest retail brands is attempting another comeback.
Rather than reopening stores, the nearly 200-year-old department store is betting on exclusive merchandise as retailers increasingly rely on private-label brands to strengthen customer loyalty, improve profit margins, and stand out in a more competitive shopping environment.
Lord & Taylor revives its private label line
Regal Brands Global's Lord & Taylor is bringing back its private label business with the launch of the Heritage Collection, marking the brand's first in-house apparel line in nearly six years.
The debut collection includes 168 pieces, including dresses, tops, skirts, and women's suiting, with prices ranging from $100 to $1,000. It is available worldwide through Lord & Taylor's online marketplace and select luxury boutiques across Europe.
For now, the collection will remain internally produced while the company searches for a licensing partner that could eventually expand the brand into additional categories, including shoes and socks, according to Regal Brands Global Chief Strategy and Brand Officer Sina Yenel, WWD reported.
"We're expanding the Lord & Taylor name across new categories through a growing roster of licensing partners," wrote Yenel on LinkedIn. "We're building proprietary technology to power a truly global marketplace. And there's more on the way that I can't wait to share."
Lord & Taylor's bankruptcy and turbulent turnaround
Founded in 1826 as a small dry goods store in New York City, Lord & Taylor grew into what is widely recognized as the first department store in the U.S. and became known for its upscale merchandise and iconic Fifth Avenue flagship.
However, years of financial challenges ultimately led to widespread store closures, including the flagship location.
In 2019, fashion rental company Le Tote acquired Lord & Taylor for $75 million, including 38 of its remaining 45 stores. Just one year later, Le Tote filed for Chapter 11 bankruptcy following the COVID-19 pandemic, resulting in the closure of all Lord & Taylor stores and the discontinuation of its private label business.
Saadia Group bought the brand out of bankruptcy in October 2020 for $12 million, but lost control of the intellectual property in 2024 after defaulting on its loan agreement.
Later that year, Regal Brands Global acquired Lord & Taylor and repositioned it as an online off-price luxury retailer.
Lord & Taylor brings back its private label with the Heritage Collection.Matt McClain/The Washington Post via Getty Images
Why Lord & Taylor is bringing back Heritage Collection
Private-label brands have become an increasingly important part of that strategy because it gives retailers greater control over product design, pricing, inventory, and brand identity while often generating higher margins than third-party brands.
"Retailers have responded by expanding their private label offerings and investing in premium categories like organic foods, sustainable products, and high-end fashion," said The Supply Chain Source Content Writer and Industry Expert Bekah Tatem. "Private label brands are now a key part of retail strategy, helping businesses differentiate themselves in a crowded marketplace."
After Chapter 11 bankruptcy, mattress chain shares its fate
Daniel Kline
5 min read
In a Chapter 11 bankruptcy, a company often loses control of its business. It may enter with a financing plan, but if creditors or the court disagree, things can go wrong quickly, and that's often not good news for customers.
In many cases, when a consumer places an order that has not been delivered, the company cannot make good on that sale, even if the order has already been paid for. There have also been cases where the shipping company hasn't been paid, so it refuses to deliver, even though the customer paid any shipping charges.
"When a retailer spirals into bankruptcy, all its assets are immediately frozen, which can leave millions of dollars in customer deposits on orders that were not yet completed and/or delivered to customers. Consumers who are owed refunds of their deposits have to get in line and compete with the retailer's other creditors for any cash that is available," it explained.
That often means not getting anything.
"In many cases, however, there is nothing the consumer can do but accept the fact that they have lost all or most of their deposit paid to the bankrupt business," BDO added.
That was a real risk for Sleep Number customers when the company filed for Chapter 11 bankruptcy in June, but a deal to exit bankruptcy should mean that all customers will receive any items they paid for.
Sleep Number filed Chapter 11
While a number of mattress retailers have filed Chapter 11 bankruptcy since the Covid pandemic, the category has actually bucked the retail downturn.
The overall U.S. bed and mattress sector may have performed well in 2025, with revenue rising by 1.3% to $28.4 billion year over year, according to an IbisWorld analysis.
That healthy market did not help one of the better-known names in the space, Sleep Number.
The debtor has filed a bidding procedures motion, which calls for an auction to be held if a qualifying bid other than the stalking-horse bid is received before a bid deadline.
That effort has succeeded, as Sleep Country Canada's offer was approved by the bankruptcy court, and the company has taken over the assets of Sleep Number.
Sleep Number has a Taylor Swift Connection
While the chain's finances were a blank space, Taylor Swift's now-husband Travis Kelce has been a longtime supporter of Sleep Number.
He tried to help the chain shake off its financial troubles by becoming its biggest investor, holding a 5% stake, but while he insisted that the brand belonged with him, his endorsement did not keep the chain afloat.
"Saying he has 'personally relied on' the adjustability of Sleep Number's mattresses, Kelce in January became one of the mattress maker's top shareholders with under 5% company ownership. He acquired common stock on the open market and was granted compensatory restricted stock units, and Sleep Number at that point also announced that Kelce would be featured in its advertising for the next three years," according to Retail Dive.
It's not clear whether Travis Kelce will retain his stake in Sleep Number.Bruce Bennett/Getty Images
Sleep Number has a new owner
Sleep Country Canada has just begun its love story with Sleep Number as it takes over the brand out of Chapter 11 bankruptcy. And, while not everything has changed, the new owner believes it knows all too well how to exploit the brand's assets.
Sleep Country Canada CEO Stewart Schaefer, in a statement, noted the innovation at the U.S. mattress manufacturer and retailer, which boasts more than 1,000 patents and patents pending.
"This is a game-changing acquisition," Schaefer said in a press release.
Sleep Number runs more than 570 stores in the U.S., and Sleep Country runs over 300 stores under the banners Sleep Country Canada, Dormez-vous, Endy, Silk & Snow, Hush, Casper Canada, and Simba. Following their tie-up, the company will be the second-largest sleep retailer in the world, after Somnigroup International, RetailDive noted.
The new company has pledged that it won't have any bad blood with past vendors or customers.
"Our priorities remain clear," Schaefer continued. "We will continue serving customers with the same commitment to quality, expertise and care that they have always expected from our brands. We will also take the time to listen, learn and build relationships across our teams as we shape the future together."
A new life for Sleep Number
At the time of its Chapter 11 filing, Sleep Number's debts include $672.5 million in secured credit facilities.
The debtor's largest unsecured creditors include Leggett & Platt Inc., owed over $10.2 million; Horizon Media, owed over $7.3 million; Elite Comfort Solutions, owed over $6.1 million; Flextronics International Europe, owed over $6 million; Gumotex, owed over $3.7 million; and NFL Ventures LLP, owed over $2.6 million.
Sleep Number entered Chapter 11 confident that it's alright, and that the deal with Sleep Country Canada would check off its wish list, and, all things considered, deliver the company's wildest dreams as it moves forward.
"While we have made meaningful progress advancing our turnaround efforts and strengthening our operations, our capital structure remains unsustainable," Sleep Number CEO Linda Findley said in a statement.
"Following a comprehensive review of our strategy options and a robust sale process, we are confident that moving forward with the Sleep Country Canada agreement and this court-supervised sale process will enable us to address our financial constraints," Findley said.
Under the new ownership, it's expected that all customers will receive their orders.
With operating costs high and consumer sentiment waning, even some of the most well-known fashion brands have had a tough 2026.
More than 100 years after it was established out of Seattle in 1920, outdoor clothing and recreation gear Eddie Bauer filed for Chapter 11 bankruptcy in February 2026.
Sustainable shoe brand Allbirds also closed all of its U.S. stores and sold its business and intellectual property rights to American Exchange Group. In addition, women's fashion and accessories clothing retailer Francesca's also filed for Chapter 11 bankruptcy and closed more than 400 stores in a complete shutdown.
Russell & Bromley has closed 400 locations since going into administration
In January 2026, British shoe retailer and high street shop Russell & Bromley entered administration proceedings with total debts of more than £59 million ($79 million USD).
Administration is the procedure closest to a Chapter 11 bankruptcy in the U.S., with the key difference being that in the U.K., companies are not given a chance to restructure on their own — an independent administrator is assigned at the very start of the process.
Russell & Bromley was founded in 1873 by shoemaker George Bromley and the father of his fiancée, Albion Russell. It has operated as a family-run business since then and developed a number of signature clog and boot styles.
Immediately following World War II, the owners transitioned the company from a practical local brand to a high-end fashion name by opening stores in several main shopping streets in London.
While the footwear was largely made abroad using Italian leathers, Russell & Bromley has also evolved into a well-recognized British name representing home-grown production that has largely been pushed out by fast fashion in recent decades.
British clothing and footwear giant Next bought the Russell & Bromley brand for £2.5 million ($3.35 million USD). And as now reported by local British press CambridgeshireLive, only three of the 43 stores that operated throughout the U.K. are still open for business.
Russell & Bromley has operated since 1873.Shutterstock
These are the only Russell & Bromley stores still open in 2026
As part of the insolvency process, evaluators looked at the viability of the company's physical assets and store portfolio.
Next ended up keeping just three outlets, two in London and one in Stone in the West Midlands, while the widespread closures resulted in the loss of more than 400 jobs.
Some of these stores were shut down before the administration process, while Next closed down the majority immediately afterward, in a slow disappearance that may have gone unnoticed by all but the most loyal shoppers.
As with most other fashion retailers that have struggled in recent years, Russell & Bromley was unable to adapt to shifting consumer patterns, the rise of online shopping, and the rising costs of operating brick-and-mortar stores with low foot traffic.
"Industry sources indicate Next's interest lies solely in the Russell & Bromley name rather than its physical store network or existing stock," British outlet GB News reported on the purchase earlier in the year.
44-year-old mall steak chain closed over 275 locations
Daniel Kline
6 min read
Shopping malls aren't as empty as many Americans think, despite the widespread belief that online shopping has kept people at home.
Americans are still heading to the mall, according to the Placer.ai May 2026 Mall Index.
Foot traffic was up 2.7% year over year at indoor malls in May, 5.5% at open-air shopping centers, and 2% at outlet malls. So far in 2026, March was the only month in which foot traffic contracted.
The problem is that there are far fewer malls for American shoppers to visit.
American malls have been beset by challenges over the last decade, from the collapse of big-box stores such as Sears and JCPenney to online shopping habits created by the pandemic. As of June 2025, there are fewer than 1,000 malls remaining in the United States, down from 1,200 in 2015, according to the New York Times.
Fewer malls mean fewer mall food courts, and that has been news for a longtime staple of that section of the shopping center, Steak Escape.
Steak Escape has dwindled
Steak Escape was one of the first sandwich chains to prepare all its food in front of customers. It's a sandwich shop that specializes in the steak and cheese sandwich, which, in the company's 1980s heyday, was more of a regional favorite in Pennsylvania and the Northeast than a nationally known item.
As a teenager growing up outside of Boston, we had sandwich shops, roast beef places, and pizza restaurants selling steak and cheese sandwiches in pretty much every town, so Steak Escape wasn't a chain I knew.
In parts of the country, however, the chain introduced the popular sandwich into new markets.
Bill Church, executive director of Food Service and Retail Development for MZD Advertising, was part of a 2010 attempt to revive the brand. At the time, the chain still had locations in 24 states and three countries, according to QSR Magazine.
"Steak Escape has an absolutely dynamic menu featuring Philly Cheesesteak sandwiches, a great steakburger, killer salads, fresh-cut fries, and a great baked potato," Church told QSR. "If serving great food keeps people coming back, this is the answer. They have affordable prices and a great experience."
Those efforts ultimately failed to reverse the chain's long decline. It currently operates 20 restaurants across six states, according to the store locator page on its website.
Steak Escape quick facts:
Steak Escape was founded in 1982 in Columbus, Ohio, where founders Ken Smith and Mark Turner opened a 209-square-foot restaurant that became the top-selling eatery in its market, according to its website.
At its peak, Steak Escape operated more than 140 locations nationwide, with additional restaurants in countries including Mexico and Bahrain, reported QSR Magazine.
By 2000, the chain had about 150 franchised restaurants across the world and was pursuing aggressive domestic and international expansion through multi-unit franchise agreements, added QSR Magazine.
As shopping mall traffic declined, Steak Escape shifted away from its traditional food court model, opening standalone and strip-center restaurants while rebranding the concept, according to Nation's Restaurant News.
The company later introduced new fast-casual prototypes with expanded menus and drive-thrus as it worked to reinvent the brand beyond its mall roots, reported QSR Magazine.
Steak Escape once had nearly 300 restaurants
When you add company-owned restaurants to the chain's franchised locations, it nearly hit 300 locations in 2000, but has been in slow decline since then. Part of that happened because despite multiple efforts to move away from malls, the chain never quite figured out how to successfully grow outside the food court.
In 2015, the chain had 51 remaining locations, only 19 of them in malls, and it rolled out a new "Express" version of its restaurant, according to NRN.
"In urban markets, people are at work, they have a limited time," said Reginald Morris, the franchisee of the express unit, who is spearheading the effort. "They have one hour. They have a lot of food choices. They don't want to spend five to 10 minutes in line."
The Express rollout followed a broader 2011 rebranding that expanded the menu, introduced healthier options, and renamed the concept Steak Escape Sandwich Grill.
Neither initiative reversed the brand's long-term decline.
Fewer malls mean fewer mall food courts for chains like Steak Escape.Shutterstock
Leaving the mall behind is hard
Steak Escape is not alone in failing to transition from the mall food court to traditional restaurants. A number of other chains followed the same path, according to Parade, a sister publication of TheStreet.
Some examples include:
Hot Sam Pretzels: Once the dominant mall pretzel chain with more than 1,000 locations before being acquired by Mrs. Fields, the brand disappeared as stores were converted or closed.
Orange Julius (traditional mall locations): While the brand still exists inside some Dairy Queen restaurants, most stand-alone mall Orange Julius locations have disappeared.
Arthur Treacher's Fish & Chips: Once a common mall food court tenant with more than 800 restaurants, the chain only has a handful of locations remaining.
Great Steak & Potato Co.: Formerly one of the country's largest mall cheesesteak chains, the brand has shrunk dramatically from its peak.
Ranch*1: The popular mall food court chicken sandwich fast-food chain has nearly disappeared after years of closures.
Boardwalk Fries: Once common in malls during the 1980s and 1990s, it now operates only a small number of locations.
It's fairly rare for a mall-based chain to make the transition successfully, but it's not unheard of. Panda Express has transitioned from a food court chain to significant growth with stand-alone restaurants.
The chain has 2,374 units domestically, making it by far the largest Asian concept in the U.S. And it's still run by the same couple that founded the brand in 1983, Andrew and Peggy Cherng, according to Restaurant Business.
Panda Express began in a mall as a variation of the lunch menu at the full-service concept Panda Inn, a restaurant Andrew Cherng and his father Ming-Tsai Cherng first opened in 1973 in Pasadena, Calif. Panda Inn continues to operate under Panda Restaurant Group.
Around 1997, the chain opened its first stand-alone location.
"One of the things we learned about being in malls was that leases were shorter term, and we didn't necessarily control our own destiny," CFO David Landsberg told Restaurant Business. "When we moved to the street, we could depend on ourselves to stimulate demand, not depend on the malls."
Now, only about 170 locations are in malls, and less than 10% of sales are attributed to those restaurants.
That's a transition Steak Escape never fully made, leaving the chain as a small reminder of its past glory.
Fossil is closing 15 stores this year as malls continue to see declining retail sales.
Franco Fogliato, the CEO of Fossil Group, announced the closures during an earnings call in May. The retailer operates roughly 200 stores across the United States, but has already closed seven stores in the first three months of 2026.
If the additional closures go forward, Fossil will operate 185 locations globally by the end of the year.
The move follows a trend of closures for the company, with Fossil shuttering over 100 stores since 2024, including 54 in 2024 and 49 in 2025.
USA TODAY contacted Fossil for a list of the 15 closing stores.
Fossil moving more toward e-commerce, CEO says
The company reported that its first-quarter adjusted operating income was $10 million versus $9 million for the same period last year. One of the company's main priorities moving forward is investing in its e-commerce platforms, Fogliato said.
Mall stores are experiencing a heavy rotation as several long-time brands continue to shut down. In August, Claire's filed for bankruptcy for the second time in seven years, with the first time being in March 2018. The company had operated 1,326 stores in the United States before the filing.
Malls are experiencing a decline in popularity as e-commerce becomes the preferred way to shop, according to the University of Michigan's Journal of Economics. The shopping centers have experienced a decline in retail sales due to economic and technological challenges over the past few decades, making them no longer a strong investment, according to the student-run economic journal.
As major retailers close, malls struggle. When Forever 21 went bankrupt, the university notes, the company closed 200 stores in the United States, making large spaces difficult for malls to rent out to other tenants.
However, there is hope, as younger generations appear to be buying their clothes at the mall. Shoppers aged 18 to 24 bought 62% of their total general merchandise purchases in stores last year, according to the university.
Michelle Del Rey is a trending news reporter at USA TODAY. Reach her at mdelrey@usatoday.com.
After closing dozens of locations last year, a large franchisee for the burger and biscuits dining brand is seeking Chapter 11 protection, the latest unfortunate development in a year that has seen numerous bankruptcies related to chain restaurants.
Phoenix-based Superior Star LLC, which at one point operated more than 90 Hardee's locations, told a bankruptcy court this week that it faced a mountain of unforeseen maintenance, repair, and tax costs immediately after it purchased the establishments from another franchisee in 2023.
It claims that some of the Hardee's restaurants it purchased were operating within "aged physical facilities" that deterred customers from dining at them, and it accuses the selling franchisee of misrepresenting and omitting certain details relating to the sale, according to court filings.
The seller, StarCorp LLC, did not respond to multiple requests for comment.
Since the sale more than two years ago, Superior Star has significantly culled its footprint—it's down to 59 Hardee's locations—and is now seeking to restructure its operations.
Which Hardee's locations have already closed?
In a court filing on Tuesday, Superior Star said it closed 30 Hardee's restaurants last year. It is now seeking to terminate leases and eliminate other "dark site" expenses associated with the shuttered locations.
The Hardee's restaurants that closed were spread across eight states: Illinois, Indiana, Iowa, Kentucky, Minnesota, Missouri, North Dakota, and Ohio.
Most of the restaurants were closed in November and December 2025. Local media outlets covered some of the closures at the time, with some reports suggesting the process was abrupt, and store employees were left blindsided.
The restaurants were located in the following cities:
Columbus, OH
Fairmont, MN
Fargo, ND
Le Mars, IA
Louisville, KY
Madison, IN
Mankato, MN
Middletown, OH
Paducah, KY
Sikeston, MO
Sioux City, IA
Sleepy Eye, MN
Springfield, IL
West Fargo, ND
Willmar, MN
Mattoon, IL
Anna, IL
Benton, IL
Centralia, IL
Fredericktown, MO
Marion, IL
Paris, IL
Danville, IL
Elizabethtown, KY
Marshall, MN
North Vernon, IN
Ottawa, IL
Spencer, IA
Will additional Hardee's restaurants close?
It's unclear if additional Hardee's closures are expected as a result of Superior Star's Chapter 11 proceedings. A lawyer for Superior Star did not respond to a request for comment.
Reached by Fast Company, a spokesperson for Hardee's said it was aware of the bankruptcy but did not directly respond to a question about potential closures.
"Superior Star's decision to file is based on its own specific financial and business circumstances," the Hardee's spokesperson said. "We remain focused on continuing to strengthen the Hardee's system and deliver quality experiences for our guests."
The bankruptcy case was filed in the Western District of Kentucky, where 14 of Superior Star's restaurants are located, according to court filings.
Why does this sound familiar?
This is not the first time a major Hardee's franchisee has recently faced existential troubles. In December 2025, the Georgia-based franchisee ARC Burger closed 77 Hardee's restaurants after a long-simmering legal dispute with the restaurant brand. ARC later filed for Chapter 7 liquidation.
Hardee's Restaurants is owned by privately held CKE Restaurants, which also owns the Carl's Jr. fast food chain.
As Fast Company reported in April, Hardee's began to reopen some of ARC's locations earlier this year. At the time, the brand said it was part of a plan to reopen about 40 of the shuttered restaurants and operate them as corporate-owned stores.
Still, Hardee's has not exactly been growing its broader footprint in recent years.
According to its recent franchise disclosure document, Hardee's had 1,287 franchised locations and 1,485 total locations at the end of its 2026 fiscal year. That's 107 fewer franchised locations and 113 fewer total locations than two years earlier. The vast majority of Hardee's restaurants are franchised.
Over the last seven months or so, franchisees for a number of well-known fast food chains have sought Chapter 11 protection, including operators of Popeyes, Subway, and Carl's Jr. restaurants.
